VANCOUVER, June 19, 2017 /CNW/ - Hannan Metals Limited ("Hannan" or the "Company") (TSX.V: HAN) provides an update on drilling at the Company's 100% owned Kilbricken Zn-Pb-Ag prospect in Ireland.
Mr. Michael Hudson, CEO and Chairman, states: "Completion of Hannan's first drill hole is a great milestone. We look forward to receiving assays shortly. Our plan is to increase the number of drill rigs over the coming months with an aim to increase tonnes in Kilbricken's immediate resource target area, and then move to open up the exploration front within a 5km radius targeting existing soil sampling, lithogeochemistry, geology, seismic and earlier drill anomalies."
- A total of 852 metres with one diamond drill rig have been drilled since early May.
- The first diamond drill hole DH217 was completed at 714 metres. This was a 20 metre step out from drill hole DH167 which intersected 4.5m @ 0.8% Zn, 2.6% Pb, 18.91% Cu, 867.6g/t Ag from 616.5m. Mineralization in hole DH217 was intersected as anticipated from adjacent drill holes.
- After geological, physical property and structural orientation logging, core cutting is now underway for submission of samples to an independent laboratory. Assay results are expected in 3-4 weeks.
- The second hole, DH218 is currently at 138 metres with a target depth of 500 metres;
- The total drill program comprises 3 diamond drill holes for 1,800m and will focus on validation of historic drilling, extraction of a metallurgical samples and expanding the footprint of known mineralization. Drilling will continue until August 2017;
- Independent qualified persons are currently working on finalizing the initial resource from the Kilbricken project with an estimate due early in Q3 2017.
Better intersections at Kilbricken include DH 46: 20.5m @ 7.5% Zn, 9.9% Pb, 0.07% Cu, 74.6g/t Ag from 415.3m; and DH06: 21.3m @ 11% Zn, 4.8% Pb, 0.06% Cu, 94.4g/t Ag from 441.9m. Semi-continuous massive sulphide mineralization has been drilled over more than 1.5 kilometres of strike, providing numerous opportunities to expand the mineralized footprint. In addition to Kilbricken, the broader licence area presents district scale upside with a 40-kilometre trend of prospective host rock to test, including the Milltown prospect where DH19 discovered 13.3m at 5.8% Pb and 10.5% Zn, 66g/t Ag from 45.4m. The true thickness of the mineralized intervals quoted is interpreted to be approximately 95% of the sampled thickness.
About Hannan Metals Limited (TSX.V:HAN)
Hannan Metals Limited has 100% ownership of the County Clare Zn-Pb-Ag-Cu project in Ireland, which consists of 9 prospecting licences for 32,223 hectares. Zinc remains in tight supply amidst rising demand and stagnant supply. Ireland is a leading global jurisdiction for zinc mining and exploration. It has been stated that Irish base metal ore field is ranked first in the world in terms of zinc discovered per square kilometre, and second in the world with respect to lead. In 2015, Ireland was the world's 10th largest zinc producing nation with 230,000 tonnes produced.
Over the last decade, the team behind Hannan has forged a long and successful record of financing and discovering mineral projects in Europe. Additionally, the team holds extensive zinc experience, gained from the world's largest integrated zinc producer of the time, Pasminco Ltd.
Mr. Michael Hudson FAusIMM, Hannan's CEO and Chairman, is a Qualified Person as defined in National Instrument 43-101 and has reviewed and approved the technical disclosure contained in this news release.
On behalf of the Board,
Michael Hudson, CEO & Chairman
Forward Looking Statements
Certain information set forth in this news release contains "forward-looking statements", and "forward- looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements, which include the Company's expectations regarding future performance based on current results, expected cash costs based on the Company's current internal expectations, estimates, projections, assumptions and beliefs, which may prove to be incorrect. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company's actual performance and financial results in future periods to differ materially from any projects of future performance or results expressed or implied by such forward-looking statement. These risks and uncertainties include, but are not limited to: liabilities inherent in mine development and production, geological risks, the financial markets generally, and the ability of the Company to raise additional capital to fund future operations. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE Hannan Metals Ltd.
For further information: www.hannanmetals.com, 1305 - 1090 West Georgia St., Vancouver, BC, V6E 3V7, Mariana Bermudez, Corporate Secretary, +1 (604) 685 9316, [email protected]